Sch 5 para 45
(1) This paragraph applies if on the commencement date— (a) an asset held by a non-UK resident company for the purposes of its UK property business becomes a chargeable intangible asset in relation to the company by reason of the business coming within the charge to corporation tax, or (b) an asset held by a non-UK resident company for the purposes of enabling it to generate other UK property income becomes a chargeable intangible asset in relation to the company by reason of that income coming within the charge to corporation tax. (2) Part 8 of CTA 2009 applies as if— (a) the company had acquired the asset immediately on the commencement date, and (b) had done so for its accounting value at that time. (3) In this paragraph— “accounting value” and “chargeable intangible asset” have the meaning they have in Part 8 of CTA 2009, and “ other UK property income ” has the meaning it has in Part 2 of CTA 2009.